Blog Post

Rightmove issued a statement last week saying: â€œAsking prices for properties new to the market have shot up to hit an all-time record high for March, boosted by buy-to-let investors â€œpiling into the marketâ€ with new asking prices 1.7% higher than last month. â€¨Asking prices are now 1.2% higher than this time last year.”

Miles Shipside, Rightmove director, said:â€¨â€¨â€œEven those who truly believe that the market has turned a corner may be unable to do anything about it due to lendersâ€™ cautious risk profiling, a significant factor limiting the speed and strength of the recovery.â€¨â€¨â€œHowever, with new sellers asking more than ever before as we enter the traditionally busy spring market, and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building.â€

Rightmove also said that the average time on the market has fallen from 90 days last year to 80.â€¨â€¨ Shipside added: â€œWhilst it is too early in the year to make estimates about full year transaction volumes, agents are reporting more properties being sold subject to contract.â€¨â€¨ However, these prospective buyers still have to complete the potentially treacherous journey through to successful completion. â€¨â€¨More limited inventory for sale by agents means less choice for buyers and is usually a forerunner of increased property prices.â€¨â€¨Â Shipside said that there are currently â€œblindinglyâ€ good returns on the right buy-to-let investment, and that investors are â€œpilingâ€ into the market as a result. Property investors can get a much better deal than putting money into a bank.”